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A brand new device from the US Census Bureau analyzes quarterly hashish tax knowledge from 2021 to now. Within the final quarter of 2023, the western states of Washington, Alaska and Colorado introduced in probably the most moolah from marijuana as a proportion of their whole tax income, in accordance with the information product, which the Bureau describes as and “experimental”.
Washington introduced in $113.4 million in tax income from hashish gross sales for the quarter. The state's whole quarterly tax income was $8.2 billion, so marijuana made up 1.37% of that determine.
Alaska takes house the silver medal. Final Frontier's whole state tax income was $534 million for the quarter. Hashish gross sales accounted for 1.32% of that determine, reaching about $7 million.
Proportion sensible, third however not least is Colorado. The Centennial State made $4.9 billion from quarterly taxes. Of this, $61 million was from Mary Jane, which accounts for 1.23% of whole tax income.
When it comes to uncooked tax income from hashish gross sales, California is by far the highest state, with $161 million for the quarter. Washington got here in second, adopted by Michigan and Illinois.
A BRIEF HISTORY OF LEGAL WEED IN THE UNITED STATES
In 1996, California turned the primary state to legalize medical marijuana with the passage of the Compassionate Use Act. Colorado and Washington voters have been the primary to legalize the leisure use of marijuana in 2012. As we speak, 24 states, Washington, DC and Guam have legalized the leisure use of weed. On the federal degree, marijuana nonetheless stays unlawful.
The arguments for legalizing weed are quite a few. For one factor, transferring away from avenue corners and regulating it creates a safer product—customers really know what's in it. Decriminalizing weed additionally combats racist drug legal guidelines that unfairly goal communities of shade. There’s additionally cash to be constructed from rising, distributing and promoting marijuana. It creates jobs and boosts the financial system.
In truth, a number of states (Arizona, Colorado, Maine, Massachusetts, Michigan, Montana, Nevada, New Mexico and Oregon) made extra money from marijuana than from alcohol within the final quarter of 2023, in accordance with the Tax Basis . Throughout the identical interval, 4 states had greater than 1% of whole tax income generated from hashish excise gross sales taxes. 5 states made between 0.5 and 1%.
These figures are solely anticipated to extend. In 2021, municipal bond strategists at Barclays predicted that hashish tax revenues would attain $10-12 billion by 2030.
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